Illinois § 55

§ 55.

Term; renewal. (a) The initial term for a business improvement district shall be a maximum of 5 years. Any business improvement district may be renewed one or more times by following the procedures for renewal as provided in the district plan if each property owner that is subject to assessment is notified of a pending renewal. A renewal may not go into effect when, prior to the effective date of the renewal, a written petition seeking termination of the renewal that conforms to the petition signature requirements set forth in Section 75 is delivered to the clerk. (b) Upon each renewal, a business improvement district shall have an additional term not to exceed 10 years. Prior to renewal, the ordinance adopting the district plan may be amended pursuant to Section 60, with the amendments to take effect upon renewal. (c) Upon renewal, any remaining revenues derived from the levy of district charges, or any revenues derived from the sale of assets acquired with the revenues, shall be transferred to the board of directors of the renewed business improvement district. If the renewed business improvement district includes additional real property not included within the prior business improvement district, the remaining revenues shall be spent to benefit only the real property within the boundaries of the prior business improvement district. If the renewed business improvement district does not include real property included in the prior business improvement district, the remaining revenues attributable to that real property shall be refunded to the property owners of that real property. (Source: P.A. 103-646, eff. 7-1-24.)